Following this announcement, Bitcoin‘s value surpassed $31,000 for the first time since July. The cryptocurrency market is closely monitoring efforts by asset managers, including BlackRock Inc (NYSE:BLK)., to secure approval for their respective ETFs. Notably, a false report about BlackRock’s Bitcoin ETF approval previously led to a temporary 10% Bitcoin price surge.
The SEC, under Chair Gary Gensler, has decided not to appeal against Grayscale’s ruling. This decision was greeted with enthusiasm by advocates of cryptocurrency. Despite this positive news, the sector’s volatility is highlighted by events such as the recent FTX exchange collapse.
Grayscale has applied to list its Trust shares on NYSE Arca, pending regulatory approval. The discount on Grayscale Bitcoin Trust has significantly narrowed in anticipation of an ETF conversion. However, despite the approval of Bitcoin futures in 2021, ETFs investing in Ether futures have struggled to gain traction.
The cryptocurrency sector’s estimated value stands at about $1 trillion, with Bitcoin accounting for half of it. Judge Neomi Rao’s mandate in August marked a turning point in Grayscale Investments LLC’s fight with the SEC. The case is now back at the SEC, which had seen similar approvals before.
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Source: Cryptocurrency - investing.com
